Russian exporters ordered to convert most foreign currency to rubles

[Simon4466]

Russian exporters ordered to convert most foreign currency to rubles

The Russian Finance Ministry orders all domestic firms that export abroad to convert 80% of their foreign currency earnings starting Monday

www.rt.com

Russian businesses that trade abroad must sell 80% of their foreign currency earnings and convert them to rubles, the Ministry of Finance said in a statement on Monday. The decision comes in response to sanctions targeting Russia’s financial system over the crisis in Ukraine. It is expected to stabilize the ruble and encourage more investments in Russia instead of moving foreign currency abroad.

Very interested to see how this will unfold, especially as some EMIs apparently have halted the conversion to Rubles (according to some posts on this forum).

 

[Martin Everson]

The Ruble may go way for the Turkish Lira. Russian banks will have runs on them etc and average person will suffer in short term. However Russia is Ukraine's biggest trading partner so how is this gonna help Ukraine?

 

[shitcoinbro]

The Ruble may go way for the Turkish Lira. Russian banks will have runs on them etc and average person will suffer in short term. However Russia is Ukraine's biggest trading partner so how is this gonna help Ukraine?

It seems that Ukraine has done something similar and introduced a Cuban style fixed exchange rate for dollars while the black market rate is different

What the real rate is on the ground, does anybody know? Very little information is coming out